BUDGET 2021-2022 – PROPERTY RATES CONCESSION

Funds

2021-04-30

Budget 2021-2022 announced to provide rates waiver for both domestic property and non-domestic property. Each domestic property for all 4 quarters of 2021-22. Subject to a ceiling of HKD 1,500 per quarter in the first 2 quarters and HKD 1,000 per quarter in remaining 2 quarter. While each non-domestic property, subject to a ceiling of HKD5,000 in the first 2 quarters and HKD2,000 per quarter for the following 2 quarters. 

If your payable is within the ceiling, then you no need to pay. However, you still need to pay the government rent.

Let us show you some examples: 

Domestic Property 

Example 1: 2021-2022 quarterly rates payment below HKD1,000

Apr – Sep 2021Oct 2021-Mar 2022

 
Payable per quarter $700 $700
Amount of Concession $700 $700
Amount Due $0 $0

Example 2: 2021-2022 quarterly rates payment equal to HKD1,000

Apr – Sep 2021Oct 2021-Mar 2022

 
Payable per quarter $1,000 $1,000
Amount of Concession $1,000 $1,000
Amount Due $0 $0

Example 3: 2021-2022 quarterly rates payment equal to HKD1,500

Apr – Sep 2021Oct 2021-Mar 2022

 
Payable per quarter $1,500 $1,500
Amount of Concession $1,500 $1,000
Amount Due $0 $500

Example 4: 2021-2022 quarterly rates payment exceeding HKD1,500

Apr – Sep 2021Oct 2021-Mar 2022

 
Payable per quarter $1800 $1800
Amount of Concession $1500 $1000
Amount Due $300 $800

Non-Domestic Property

Example 1: 2021-2022 quarterly rates payment below HKD2,000

Apr – Sep 2021Oct 2021-Mar 2022

 
Payable per quarter $1,700 $1,700
Amount of Concession $1,700 $1,700
Amount Due $0 $500

Example 2: 2021-2022 quarterly rates payment equal to HKD2,000

Apr – Sep 2021Oct 2021-Mar 2022

 
Payable per quarter $2,000 $2,000
Amount of Concession $2,000 $2,000
Amount Due $0 $500

Example 3: 2021-2022 quarterly rates payment equal to HKD5,000

Apr – Sep 2021Oct 2021-Mar 2022

 
Payable per quarter $5,000 $5,000
Amount of Concession $5,000 $2,000
Amount Due $0 $3,000

Example 4: 2021-2022 quarterly rates payment exceeding HKD5,000

Apr – Sep 2021Oct 2021-Mar 2022

 
Payable per quarter $6,000 $6,000
Amount of Concession $5,000 $2,000
Amount Due $1,000 $4,000

For further information, please contact us. 

You may want to read: THE 2021-2022 BUDGET TARGETS ON REVIVING THE ECONOMY

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